More about making it in business

Small Business Dos and Don’ts Guide

Getting your business up and running can be a stressful process, especially if it is your first time opening up a company. I know, when I first started putting things together I would search the interest every night for business tips and advice, I was plenty surprised when I realized there was a lot more to putting a business together than I thought. To help re-pay for all the advice people have given me over the years, I thought I would put together a small guide that can be utilized for any type of business. Enjoy!

Starting Up

Before applying for loans and digging into the grits of owning a business, you really need to weight the pros and cons, to determine if this is something right for you and something you will be able to give 100% to. After determining you are ready to move forward in your idea, you should create a business plan about your purpose, goals, marketing strategies, finances and operations as a business. Also do not hesitate to consult with other professionals. No matter how much sugar coating you read from books and the web, talking with another business owner is a sure way to hear the truth!

Financing Tips

When asking for a business loan, there are many things that need to be presented to your lender. First and foremost, your business plan, which will ultimately decided if the bank thinks your idea is worth lending money to. Then you will have to do some research and decide what you believe your start up expenses will be, as well as you first-year business expenses. Both will determine your total loan requirement and what the bank is willing to offer you.

Marketing Tips

Whatever your product or service may be, immediately start doing research on competitors and their marketing strategies. Analyze the market and audience you want to target that will bring in the most profit. Developing your product packaging and advertising around your target group and what will appeal most to them. Make sure that your product has a unique packaging or quality that none of your competitors have, this will help you stand out, and people love things that are different instead of cliché. Lastly, PROMOTE! PROMOTE! PROMOTE! You can have the best product in the world, but it’s going to be about as useful as a billboard in a desert, if you don’t advertise and make sure a high volume of traffic is being exposed to your brand.

Managing Tips

Managing can be one of the most stressful parts of a business or the easiest. You have to be careful of the people you employ, because those are the faces of your company, and you want everything about your brand to seem natural and approachable. Be sure to set rules for your employees of how they should appear at work and how to treat customers. Motivation is key, it will ultimately decide whether you have satisfied or unsatisfied employees, and a happy employee =good business! Ways to motivate workers is to provide incentives, contests, and rewards for their hard work. When discipline employees, make sure you have a stern system. For employees, that are allowed one warning, which they are lectured about and then the next mistake they are terminated. Your rules will come in handy here to because it will determine what is right and wrong within the workplace.

Regardless of the initial stress, owning a business can be a lot of fun. If you are organized and everything is well managed, you, your employees, and you customers will all be happy, and that is the most important asset of a business!